Tax Abatement Program Approved in South Lyon
February 29, 2020
By Jessica Mathews/News@whmi.com.
The City of South Lyon now has another tool to help promote economic activity.
The South Lyon City Council has approved a commercial tax abatement program. It provides a financial incentive for business owners and developers to make investments and apply for a tax break for a specified period of time on a piece of property.
The South Lyon Herald reports the proposal came about after a downtown business owner expressed interest and Council voted unanimously to approve the program. Downtown Development Authority Director Bob Donohue commented the program puts South Lyon on par with other communities as a progressive, economic development community that offers a tool. In order to qualify for any tax abatement, there would need to be a project investment of at least $500,000. Businesses anywhere in the City are eligible for the program, not just in the downtown district. Each application is handled individually and must be approved by City Council. (JM)